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PIDA APPROVES $7 MILLION IN LOANS TO HELP CREATE 850 JOBS

 PIDA APPROVES $7 MILLION IN LOANS TO HELP CREATE 850 JOBS
 HAZLETON, Pa., Dec. 11 /PRNewswire/ -- (Dec. 11) -- The Pennsylvania Industrial Development Authority (PIDA), celebrating its 35th anniversary here, today approved more than $7 million in loans for 10 business expansion projects expected to create nearly 850 jobs.
 "Recognized as one of the nation's top industrial development programs, PIDA has not rested on its laurels," Acting Secretary of Commerce Andrew T. Greenberg said. "It continues to help spur economic growth and recovery in Pennsylvania during these tough economic times."
 Greenberg said that since its inception in 1956, PIDA has made nearly 3,000 loans totaling $1.2 billion, which have helped to create nearly 260,000 manufacturing and industrial jobs.
 "We've lowered the PIDA loan interest rates twice in the past year," Greenberg said. "They now are at their lowest level in 17 years. This has been a shot in the arm for Pennsylvania businesses."
 Greenberg said that since the PIDA interest rates were lowered, the authority has nearly doubled the number of low-interest loans it has awarded to manufacturers and industrial firms.
 From September 1990 through August 1991, PIDA was averaging fewer than six loans a month. In the past four months since the rates were lowered, PIDA has been averaging nearly a dozen loans each month.
 "In the past five years, PIDA has loaned more than $371 million for 630 Pennsylvania business projects that have gone toward the creation of 31,000 jobs," Greenberg said.
 The PIDA board, chaired by Greenberg, approved loans for two projects each in Schuylkill County and one each in Bedford, Cumberland, Erie, Mercer, Monroe, Northampton, Westmoreland and York counties.
 The projects approved were:
 Bedford County -- $850,000 to Creative Pultrusions Inc. at the Pleasantville Industrial Park in West St. Clair Township for the construction of a 43,000 square-foot building and the renovation of a 42,000 square-foot building. The company, which develops and manufactures fiberglass reinforced structural shapes such as I-beams, plans to build additional production lines and expand its research and development facilities. The $1.7 million project is expected to create 61 jobs. Loan terms: 2 percent, 15 years.
 Cumberland County -- $385,129 to Pacific Coast Feather Co. at 300 N. Chestnut St. in Mechanicsburg for the acquisition and renovation of a 55,500 square-foot building. The company, which manufactures pillows and comforters and processes down and feathers, is expanding its production capacity. The $962,825 project is expected to create 33 jobs. Loan terms: 6 percent, 10 years.
 Erie County -- $2 million to Plastek Industries Inc. on Greengarden Road in Erie for the construction of a 202,500 square-foot building. The company, which manufactures toiletries for industrial and medical markets, is consolidating its operation by relocating recently acquired plants in New Jersey and New York to Pennsylvania. The $5.5 million project is expected to create 505 jobs. Loan terms: 2 percent 15 years.
 Mercer County -- $310,000 to Pennsak Inc. to acquire and renovate a 32,500 square-foot building at 534 Vine St. in Sharon. The company, which manufactures plastic bags, is moving to a larger facility. The $775,000 project is expected to create 50 jobs. Loan terms: 2 percent 15 years.
 Monroe County -- $884,425 to Pocono Mountains Industries Inc. for acquisition and development of 113 acres along Industrial Park Drive in Stroudsburg. Loan terms: 4 percent, 10 years.
 Northampton County -- $600,000 to Inhalon Pharmaceuticals Inc. at 3950 Schelden Circle in Bethlehem for the construction of a 24,000 square-foot building. The company, which manufactures and distributes enflurane and isoflurane (speciality inhalation agents), is expanding its product line to include the generic equivalent of these branded products. The $1.7 million project is expected to create 40 jobs. Loan terms: 2 percent, 15 years.
 Schuylkill County -- $568,000 to the Schuylkill Economic Development Corporation to acquire and renovate a 40,000-square-foot multi-occupancy building in the Frackville Industrial Park in West Mahanoy Township. The building will house industrial tenants. Total project cost is more than $1.4 million. Loan terms: 2 percent, 15 years.
 Schuylkill County -- $500,000 to Broad Mountain Homes Inc. for the acquisition of a 52,300 square-foot building in the St. Clair Industrial Park in East Norwegian Township. The company, which manufactures modular homes, is expanding its operation. The $1 million project is expected to create 74 jobs. Loan terms: 2 percent, 15 years.
 Westmoreland County -- $495,000 to Accro Tool Enterprises Inc. for the construction of a 48,120 square-foot building on 1040 Camp Nancy Road in Apollo. The company, which manufactures precision tools used in the production of televisions and computers, is moving to a larger facility. The $1.2 million project is expected to create 34 jobs. Loan terms: 4 percent, 15 years.
 York County -- $476,000 to Datum Filing Systems for the construction of a 40,000 square-foot building in the York Industrial Park II in York. The company, which designs and manufactures office furniture and filing equipment, is relocating from Farmingdale, New York. The $1.1 million project is expected to create 50 jobs. Loan terms: 2 percent, 15 years.
 PIDA loans, awarded at low interest rates, may be used by manufacturers and industrial firms to purchase land or buildings for construction or renovation. Applications are made by local industrial development groups on behalf of business borrowers.
 /delval/
 -0- 12/11/91
 /CONTACT: Ron Jury of the Department of Commerce, 717-783-1132/ CO: Department of Commerce ST: Pennsylvania IN: SU:


CC -- PH029 -- 2336 12/11/91 14:41 EST
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